US private equity firm Apollo has made a surprise offer for easyJet, trumping Castlelake's bid with a higher price of 715p per share (£5.7bn). This has initiated a competitive auction, relieving easyJet's board. Apollo is seen as a favorite due to its appeal to founder Sir Stelios Haji-Ioannou and its larger scale compared to Castlelake.
EasyJet's stock surged Friday following a $7.7 billion takeover bid from Apollo Global Management. The offer includes a cash option of £7.15 per share or a Stub Equity Alternative. This comes after a previous $7.3 billion offer from Castlelake.
EasyJet's stock surged over 13% Friday following a $7.7 billion takeover bid from Apollo Global Management. The cash offer values the budget carrier at £5.7 billion ($7.66 billion), with an alternative option for shareholders to retain voting rights.
EasyJet is considering a $7.7 billion takeover bid from Apollo Global Management. The cash offer values the airline at £5.7 billion ($7.66 billion), with shareholders potentially receiving £7.15 per share. An alternative offer allows shareholders to retain voting rights by rolling over their existing shareholding.
easyJet's board is now "minded to recommend" a £5.7bn all-cash offer from Apollo, valuing the airline at £7.15p per share. This follows a previous agreement in principle with Castlelake for a £5.5bn deal, which was later deemed undervalued.
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